Business

AkzoNobel India Q2 profit down 5% to Rs 37 crore

New Delhi, Nov 3 (PTI) Paints and coatings maker AkzoNobel India on Saturday reported 4.91 per cent decline in standalone net profit at Rs 36.75 crore for the second quarter ended September 30, 2018 on account of higher tax incidence.

The company had posted a net profit of Rs 38.65 crore in the July-September quarter a year ago, AkzoNobel said in a BSE filing.

However, its total income during the reported quarter was up 8.33 per cent to Rs 721.88 crore as against Rs 666.36 crore in the year-go period.

“Net profit for the quarter at Rs 37 crore reflected a higher tax incidence compared to corresponding quarter of previous year, which included a tax refund, resulting in a decline of 5 per cent,” the company said in a statement.

AkzoNobel India Managing Director Rajiv Rajgopal said, margins were impacted by increase in raw material cost, depreciation of the rupee and unfavourable sales mix.

Total expenses of the company stood at Rs 664.37 crore as against Rs 611.56 crore, up 8.63 per cent.

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